Suncity bought 34% of a Vietnamese casino shares

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Suncity bought 34% of a Vietnamese casino shares

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The Vietnam expansion

One of the most popular casinos in Honk Kong, Suncity Casino, looks like is ready to broaden its operations. Just a few days ago it was revealed that the Suncity Group Holdings Ltd purchased 34% of a casino project for 600 million Hong Kong dollars. This means that it cost 76.8 million US dollars. Suncity Group has been eyeing an extension to other Asian markets as well, for a while now.

The terms of the deal

After a statement that was published by the company, it became clear that the buyer is Goal Summit Ltd. The latter is going to be a wholly-owned subsidiary of Suncity Group Holdings. In charge of this new company will be the Macau junket investor Alvin Chau Cheok Wa. On the other hand, the seller is the Suncity International Holdings Ltd. This is a company that is fully owned by Mr Alvin Chau and is based in the British Virgin Islands. The acquisition includes 50 thousand shares of the Vietnamese casino, as well as its obligations, liabilities and debt.

The plans for the future

It looks like that the casino is going to be based in Hoi An, one of the most wealthy territories in Vietnam. Of course, it is not expected to be completed before 2019. The best part for the new investors is that they will gain greater exposure in Southeast Asian markets. Alongside a 140 gaming table casino, the property is going to include a golf course, guest rooms, as well as a condo-hotel. The corporation published a statement, which mentioned: « The group is confident on the outlook of the tourism sector in Vietnam. In addition, it believes there will be an increasing demand for resort facilities in popular tourist destinations in the country, including Quang Nam province. After all, the latter has received almost a quarter of the country’s total number of foreign visitors in 2016».

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